Choosing/Rating Stockbroker

[c kenneths]

Originally Posted by azob2002

Yea, I have been around in this industry long enough to know how to deal with brokers.... just make sure that you have put ur price limits and date limits on the transactions then leave the rest for me.... However the law also states that after four days all orders should be cancelled...

U go pay for my consultancy sha

Well, from my little experience in the market, if you use price/ period limits to place your orders then the broker will always abide by that or risk being sued. If on the other hand you choose to place orders without the limits, your broker can buy or sell for you at any price he could find since (in his mind) he is doing you a favour by buying or selling for you whenever and however.

Its only when you are desperate that you can place orders without limits. Having said this, I know azob2002 is only pulling our legs.

[c kenneths]

Originally Posted by segun2k3

pls what can i do? i booked some stocks with my broker at a time when the price was still low only for me to find out a week later that the stocks have not been bought and unfortunately the prices of the stocks have risen sporadically.what can i do and next time what can i do to get my stocks bought on time.thanks

Welcome to the best stock forum segun2k3, we have this same discussion in the choosing/rating stockbrokers thread. Join us there.

[hispy99]

Originally Posted by segun2k3

pls what can i do? i booked some stocks with my broker at a time when the price was still low only for me to find out a week later that the stocks have not been bought and unfortunately the prices of the stocks have risen sporadically.what can i do and next time what can i do to get my stocks bought on time.thanks

There's really nothing you can do to ensure that you order is executed on time; we're all at our brokers' mercy. What you can do to protect yourself though is to give expiry dates and price limits for your orders, that way, your orders are only executed at prices you are comfortable with.

[segun2k3]

i really apreciate you guys for your reply and expertise advice.makes me feel among. however i will like to get something straight: do you mean that anytime i go to place an order i tell my broker the time i want my stock to be bought or what. and if he violates the time limit i give him what next. thanks

[hispy99]

Originally Posted by segun2k3

i really apreciate you guys for your reply and expertise advice.makes me feel among. however i will like to get something straight: do you mean that anytime i go to place an order i tell my broker the time i want my stock to be bought or what. and if he violates the time limit i give him what next. thanks

Yes, you give an expiry date for your order. So the broker has between the date you give him the order and the expiry date to execute the order. If he violates your expiry date and purchases after the date you explicitly stated, you bring his attention to it and they should reverse the transaction. At least something similar has happened to me(a stock was purchased outside my price limit) and the transaction was reversed.

[ejire67]

Originally Posted by hispy99

Yes, you give an expiry date for your order. So the broker has between the date you give him the order and the expiry date to execute the order. If he violates your expiry date and purchases after the date you explicitly stated, you bring his attention to it and they should reverse the transaction. At least something similar has happened to me(a stock was purchased outside my price limit) and the transaction was reversed.

Thanks guys, another valuable lesson learnt.

[ejemaim]

Originally Posted by babe!

kindly add Amyn Investment ltd to this list! especially now. it is very likely that they are deliberately not executing buy orders because they are ill-liquid. their bad behaviour is a long list- twice when i was serving in the north, i fax a mandate letter to the head office with details of payment into their fbn account, from the north, and someone there did receive it, but they failed to execute it. this was about 4 yrs ago. also they've told me on more than one occassion that their MD(madam) has travelled 'out of the country' and no one else can sign cheque for payment of sale transaction.HA!!. it's always war to request for CSCS statement, or in-house account statement, or even contract note. with them transaction can never be T+3. no way!! i feel very sorry about this firm. it is just so painful..i am not bad-mouthing them, it is exactly as they behave as i have spell out here.

I concur. AMYN investments are the worst brokers on the exchange...I have since began transacting with BGL

[pumping]

Wow. The relationship I have with my brokers have become good to the point that I am introducing customers to them. I've always been reluctant to do this in the past despite all the overtures but eventually I figured they made the cut.

I've been with 3 different account officers and they've all been very responsive though I also have to mention that their Oga is a close friend of mine.

So, if anyone is looking to try out a new broker, just send me a PM and I will put you in contact. I think being introduced works better than just walking in without knowing who is who in there.

I am also with BGL and have been for a few years now.

[successassured]

Does anyone know much about the effectiveness of FBN Securities Ltd or Premium Securities Ltd (part of FBN Securities)?. I am based abroad and I just opened an account with them. I need very good email communications and promptness in carrying out orders and I just wonder if this company is ok in this regard.
I will appreciate a good and honest analysis from anyone who has had or currently has a dealing with them. Thank you

[sola12]

Originally Posted by successassured

Does anyone know much about the effectiveness of FBN Securities Ltd or Premium Securities Ltd (part of FBN Securities)?. I am based abroad and I just opened an account with them. I need very good email communications and promptness in carrying out orders and I just wonder if this company is ok in this regard.
I will appreciate a good and honest analysis from anyone who has had or currently has a dealing with them. Thank you

well i have been with FBN securities(formerly premium securiteis) since 2007, december and have never had any issues with them.
they used to have an online platform where you could access your account and give orders. the platform was very coool. now they say they are upgrading it so it's been down for a while.
you can always send email which they prefer to coming in person, and mine is usually promptly executed. they usually expect and require you put a price or date limit on your order.
i am not sure they have dedicated client/account officer, but they usually resolve enquiries satisfactorily thru telephone or mail.
ofcourse all transactions are by cheque thru FBN.(thats what i experienced o.)

please note: am not recommending them . i'm just providing information about them which i think is exacctly what u requested. those are my honest experiece with them so far.

[sola12]

Seven telltale signs your broker is going BROKE.

1. Increase number of client dissatisfaction and complaints

As they say service providers always make the customer bear the cost. a sudden or gradual increase in number of complaints from client is a sure way of knowing all is not well with ur broker. you will know about the complaints by just doing internet search about tham once in a while or reading a forum like this.

2.transactions are not executed in reasonable time.

you should get a trade alert with 72hrs. granted the stocks may not be available but they should let you know this in reasonable time. they ought to act in the client best interest. you pay them to provide good service, not to act like they are doing you a favour.

3.your cheque is delayed?

this is a sure sign of severe cash cash flow problems. Don't sell another shares thru them again, just TRANSFER your holdings. it's easier than you think. the inertia may however make it a difficult decision for you. some brokers are even brazen enough to give a post-dated cheque. yuck!

4.high turnover of staff.

something is wrong. why will they keep laying people of? whether it was 'staff fraud' or 'staff inefficiency', in the final analysis it is the firm's fault and you dont want to keep ur money there.

5. Irritable staff.

this reflects the firm's attitude and culture. it may also show staff that are having 'cognitive dissonance' as a result of the firm's negative policy. this really is a very early sign. ask questions and be prepared to leave.

5.they keep changing their bankers.

not many reason can explain why a stock brokering firm will sudden stop using a particular bank, especially one of the so called first generation banks, and change to other banks. indirectly this shows they might be having problems fulfilling their obligations to the banks. i have observed my broker moved from FBN, -GTB- ..... then they suddenly cant pay. this is even more so if they change the banks they use for collecting deposits.

6.Appeal to your concience/religion etc or try to confuse you rather than admit they are wrong.

this means they are still not prepare to offer you quality service.ask yourself 'am i receiving good service here?' start preparing to move somewhere else then. and pls yell about their shoddy behaviour here or elsewhere. write to SEC, even if it's just to complain about them. also you will be surprise that some of the firms that require 500,000k 1m, etc may make exception if you ask or if you are referred. snr members on this forum may refer you if you ask!

7.they keep praying during office hours.

i find it appalling that firms will be so insentitive of the client's time like this. it's certainly not that they like GOD now or have newly discovered HIM. it's that they are just trying to create the image of a 'GOd fearing' organization while the reality may not be that at all.


ofcourse, someone will say the above are merely circumstantial evidences. i dont even take it to such heights. they are merely tell-tale signs.


have good returns on your investments. Amen.

[migiets]

Originally Posted by pumping

Wow. The relationship I have with my brokers have become good to the point that I am introducing customers to them. I've always been reluctant to do this in the past despite all the overtures but eventually I figured they made the cut.

I've been with 3 different account officers and they've all been very responsive though I also have to mention that their Oga is a close friend of mine.

So, if anyone is looking to try out a new broker, just send me a PM and I will put you in contact. I think being introduced works better than just walking in without knowing who is who in there.

I am also with BGL and have been for a few years now.

Quite agree with you. When i was looking to change my Stock Broking firm last year, i sent an inquiry email to about 5 of them through their various websites but it was only BGL that responded. I have not been disappointed by them since last year that i started with them. I have just commenced the process of transferring of my entire portfolio with my previous house to them.

[williamschichi]

Please Does Any One Use Or Know About Platinum Capital Ltd Very Much?this Use To Be My Former Broker Firm,i Still Got Some Stocks There.i Have Been On Static With Them Becos Of There Service.i Just Want To Know If I Was The Only One They Treated Like That.

Am Finding It Difficult To Transfer All My Stocks To My Present Broker Due To Distance Issue.

I Guess It Was Better For Me To Be Present Myself? ?

[rexdudley]

Please does anybody in the house know anything about Bridge Securities?

[c kenneths]

Originally Posted by rexdudley

Please does anybody in the house know anything about Bridge Securities?

Know people there, will call them.

[c kenneths]

Originally Posted by rexdudley

Please does anybody in the house know anything about Bridge Securities?

Know people there, will call them.

[efosdan]

i am new to the stockmarket and really want to invest in it. if any one knows any stockbrocker with minimun investment of not more than NGN50,000. pls send name and address and contact telephone numbers to efosdan@yahoo.com or reply here. thanks

[Job]

Originally Posted by efosdan

i am new to the stockmarket and really want to invest in it. if any one knows any stockbrocker with minimun investment of not more than NGN50,000. pls send name and address and contact telephone numbers to efosdan@yahoo.com or reply here. thanks

I can recommend First StockBrokers Limited, in the sense that I am using them presently, and you can buy/sell by giving them the mandate true phone or their email. You can find out from them.

Office Address
10A Anifiwose Street,
Victoria Island, Lagos,
Nigeria.
Telephone
(234) 01- 270-0054
(234) 01- 270-0053
Mobile
(234) 01- 0802-3334133
(234) 01- 08060328161
Fax
(234) 01 - 262-4704
Email
info@fslng.com
or visit their website: First Stockbrokers Limited - Shares - Treasury Bills

[ayemco]

http://www.proshareng.com/news/singleNews.php?id=6913

[raypower100.5]

God, I beg help us from the hands of this people ooooooooh.
Just to be sure of the broker I use ''BYTOFEL TRUST AND SECURITIES LTD.'' Is the name familiar to the house?